Insurance revenues up but travel revenues down for Moneysupermarket

  StockMarketWire.com - Moneysupermarket's financial performance in the third quarter show internet revenues and EBITDA for the third quarter 14% and 25% ahead, respectively, of the same period last year. Visitors to the Moneysupermarket.com website were 3% ahead of the same period last year with visitors increasing across the Money, Insurance and Home Services verticals while Travel reduced marginally.
Revenues in the Money vertical were 8% ahead of Q3 2010 on visitor volumes that were 12% higher. Within this, trading was strongest earlier in the quarter, with September's year-on-year performance impacted by a strong September 2010.
Revenues from credit products (credit cards, loans, mortgages and debt solutions) were 8% ahead of the same period last year. Weakness in credit card revenues from lower visitor volumes were more than offset by strong growth in loans, particularly unsecured loans, where improved conversion and product availability significantly helped raise revenue per visitor.
Revenues from non-credit products, which include savings, current accounts and advertising revenues, improved by 8% driven by growth in savings and current accounts.
Insurance revenues were 15% ahead, and visitor volumes 3% ahead, of the same period last year.
Revenues in travel were 11% down on Q3 2010 on visitor volumes that fell by 4%. Trading continues to be challenging across the travel business with consumers managing their discretionary spending tightly.
Home Services revenues were 107% ahead of Q3 2010 and visitor volumes increased by 4%. Utility switching volumes, which account for the greatest part of Home Services revenues, were stronger than the same period last year reflecting continued cost increases in the domestic energy market.
Cash conversion continues to be strong. At 31 October 2011 the Group had net cash of £18.7m, reflecting the payment since the half year of the interim dividend of £7.7m together with the special dividend of £20m; corporation tax payments on account of £6.9m; and £1.0m relating to the acquisition of 51% of Local Daily Deals Limited.
Peter Plumb, Chief Executive of Moneysupermarket.com, said: "Moneysupermarket.com continues to make good progress. Revenues in the third quarter were 14% ahead of the same period last year - which itself was a tough act to follow.
We saw solid growth across our Money, Insurance and Home Services businesses as consumers continue to seek to make the most of their money in what is still a very challenging environment.
"The recent acquisition of Local Daily Deals will further widen our offering, helping customers to save more money through local and national deals with retailers."
by StockMarketWire.com